Wednesday, 21 July 2010

Obama signs Wall St. Overhaul Law

No more bailouts, I'm ok with that. It's everything else.

Sweeping reforms. More government agencies. Exactly what the US economy does not need.

The new bill aims to usher in a new era of consumer protections and banking restrictions. The law assembles a powerful council of regulators to be on the lookout for risks across the finance system and creates a new agency to guard consumers in their financial transactions. It places shadow financial markets that previously escaped the oversight of regulators under new scrutiny and gives the government new powers to break up companies that threaten the economy.

Large, failing financial institutions would be liquidated and the costs assessed on their surviving peers.

Government agencies liquidating major financial institutions and shoving the costs onto other businesses......what could possibly go wrong?